Cairo – The ordinary general meeting (OGM) of Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) approved increasing the bank’s issued and paid-up capital by EGP 1 billion to EGP 5 billion from EGP 4 billion.

The capital hike will be distributed over 100 million shares at a nominal value of EGP 10 a share, according to a stock exchange statement on Wednesday.

The capital raise procedures cannot be completed before endorsing the previous EGP 2 billion capital hike in the commercial register.

Last month, the lender received the Financial Regulatory Authority’s (FRA) approval to proceed with the capital raise procedures.

In the first half (H1) of 2022, the consolidated net profits of ADIB Egypt climbed by 48.4%, reaching EGP 1.01 billion, compared to a net profit of EGP 680.15 million in H1 of last year, including minority shareholders’ rights.

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